Find the interest paid on a 30-year mortgage of $350,000 at an APR of 6%
Find the interest paid on a 30-year mortgage of $350,000 at an APR of 6%
4.55 With a $350,000 home mortgage loan with a 20-year term at 9% APR compounded semiannually compute the total amounts paid to principal and interest over the first five years ownership given monthly payments.
Consider a home mortgage of $150,000 at a fixed APR of 6% for 30 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.
You take out a 30-year fixed-rate mortgage for $100,000 with an interest rate of 12% (APR). Part 1 What is the monthly payment?
Five years ago you took out a 30- year mortgage with an APR of 6.20% for $206,000. If you were to refinance the mortgage today for 20 years at an APR of 3.95%, how much would you save in total interest expense? A) $200,503 B) $100,251 C) $150,377 D) $50,126 please show how to calcuated it step by step, thanks!
Ten years ago you obtained a 30-year mortgage for $400,000 with a fixed interest rate of 3% APR compounded monthly. The mortgage is a standard fixed rate mortgage with equal monthly payments over the life of the loan. What are the monthly fixed mortgage payments on this mortgage (i.e., the minimum required monthly payments to pay down the mortgage in 30 years)? What is the remaining loan balance immediately after making the 120th monthly payment (i.e., 10 years after initially...
7.If you had a 6.3 percent, $350,000 30-year fixed-rate mortgage, a. how long would it take before you had repaid half the loan balance due? (4 points) b. If you paid an extra $400 per month to reduce the principal due on the mortgage, how long would it take to repay 70% of the principal due? (4 points) c. If you paid an extra $400 per month to reduce the principal due on the mortgage, how long would it take...
8. Mortgages: a. What is the period interest rate on a mortgage with a 4.8% APR compounded semiannually? b. A certain family can afford a monthly mortgage payment of $1,340.00. With an APR of 5.25% per annum, what is the maximum mortgage amount they can afford if they prefer a 20-year amortization period? N = I% = PV = PMT = FV = P/Y = C/Y = PMT: END BEGIN c. The Lees have purchased a new home for $360,000,...
Consider a mortgage of $150,000 at an interest rate of 3.6% APR compounded monthly for 30 years. 1. What would your monthly payment (PI) be? 2. How much interest would you pay over the 30 years note? 3. If you pay an extra $600 each month, how long would it take to pay off the loan? 4. Refer to #3, how much interest would you pay? 5. What would be your monthly payment if you wanted to pay off the...
You have a mortgage for $189,000 with a 30 year term, 5.2% APR and payments of $1037.82. How much interest do you pay the first month of your mortgage? How much goes towards principal? What is your loan balance after the first month’s payment is made?
What is the monthly payment for a $100500 thirty-year mortgage at 6% APR?